Assets of Azerbaijan State Oil Fund reached $22 billion

Baku, Fineko/ The State Oil Fund of Azerbaijan (SOFAZ) has announced of 46% rise in assets.

The SOFAZ informs that since early 2010 its assets grew by 45.8% and as of 1 October reached $21.7 billion compared to $14.9 billion by the beginning of the year.

Over the past three quarters of 2010, the Fund received AZN 9.578 billion of revenues, while its expenditures totaled AZN 3.9 billion. Current net surplus (AZN 5.6 billion) exceeded expenditures.

Out of overall revenues, receipts from realization of oil and gas contracts provided AZN 9.458 billion, dividends of pipeline company BTC Co AZN 105 million, transit fees AZN 5.4 million, acre payments AZN 1.2 million, and sales of assets received from foreign companies AZN 1.1 million.

Expenditures composed mainly transfer to the State Budget – AZN 3.625 billion. Investments in social development made up AZN 80 million, Samur-Absheron canal complex AZN 109.6 million, water pipeline Oguz-Gabala-Baku AZN 112.1 million, State Program of Youth Education Abroad AZN 3.8 million, construction of Baku-Tbilisi-Kars railway AZN 2.9 million. SOFAZ’s administrative expenses equaled to AZN 11.2 million.


04.11.2010 12:53


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